Statistics as at Dec 2018

Top 100 SGX-listed companies doubled women’s participation on boards, achieving 15.2% from 7.5% before DAC was formed

  • As more companies see the benefits of women on boards, the proportion of all-male boards among the Top 100 primary-listed companies reduced to 25%, from 50% before DAC was formed.
  • The Top 100 companies continued to outpace the market.

PDF version here

Statistics for SGX-Listed Companies as at 31 December 2018

  1. Top 100 primary-listed companies doubled women’s participation on boards
    • Women’s participation in boards of the Top 100 primary-listed companies (“Top 100 companies”) rose further to 15.2% as at end December 2018. The Top 100 Companies continued to outpace the market. Compared with Dec 2013, before DAC was formed, this is a doubling of the women’s participation on boards (“WOB”).
  1. More companies with women on boards, fewer all-male boards
    • As more companies see the benefits of women on boards, the proportion of all-male boards in Top 100 Companies halved from 50% before DAC was formed to 25% as at December 2018 (Figure 2a).
    • As at December 2018, 48% of companies have all-male boards, from 50% in end 2017. (Figure 2b)
    • 38 of the Top 100 Companies have achieved at least 20% WOB, the first level of DAC’s triple-tier target1.

    [1]DAC announced a triple-tier target of increasing women’s participation on boards of all companies listed on SGX to 20% by 2020, 25% by 2025 and 30% by 2030 in April 2017, with a call for Top 100 primary-listed companies to take the lead and generate momentum for all listed companies.
  1. Appointments of women board directors was the highest on record for 100 largest companies
    • Women made up 24% of board appointments in 2018, the highest on record, for Top 100 Companies.
    • For all SGX-listed companies, women made up 13% of board appointments in 2018, similar to 2017.
  1. New board seats mostly filled by men in 2018
    • Among first-time directors for Top 100 Companies, 30% were women and 70% were men, similar to previous year.
    • For all SGX-listed companies, 14% were women and 86% were men.
  1. Board renewal opportunity for companies that have independent directors with tenures of 9 years or more
    • 40% of Top 100 Companies have at least 1 independent director that had served at least nine years. There are 91 of such directorships. 15 have served longer than 20 years.
    • Similarly, 47% of all SGX-listed companies have at least 1 independent director serving nine years or more. There are 654 of such directorships. 83 have served longer than 20 years.
  1. International comparison

  1. 12 gender diverse boards within the Top 100 primary-listed companies added more women to their boards in 2018

    Listed Company Name

    Number of women directors added

    Director Name

    Appointment Type

    CapitaLand Commercial Trust 1 Quek Bin Hwee* Independent Director
    City Developments Limited 1 Jenny Lim Yin Nee Independent Director
    Keppel Infrastructure Trust 1 Cindy Lim Joo Ling* Non-Executive Director
    Metro Holdings Limited 1 Deborah Lee Siew Yin Independent Director
    Netlink NBN Trust 1 Ku Xian Hong* Independent Director
    Raffles Medical Group Ltd 1 Sarah Lu Qinghui* Non-Executive Director
    SembCorp Industries Ltd 1 Dr Josephine Kwa Lay Keng Independent Director
    Sheng Siong Group Ltd. 1 Tan Poh Hong* Independent Director
    Singapore Telecommunications Limited 1 Gail Patricia Kelly Independent Director
    StarHub Ltd 2 Nayantara Bali Independent Director
    Ng Shin Ein Independent Director
    Thai Beverage Public Company Limited 3 Chatri Banchuin* Independent Director
    Kritika Kongsompong* Independent Director
    Potjanee Thanavaranit* Independent Director
    Tianjin Zhong Xin Pharmaceutical Group Corporation Limited 1 Yu Hong Executive Director
    Total no. of female appointments 15
    * First-time director
  1. 5 all-male boards within the Top 100 primary-listed companies added women to their boards

    Listed Company Name

    Number of women directors added

    Director Name

    Appointment Type

    Ascendas India Trust 1 Zia Mody* Independent Director
    CapitaLand Retail China Trust 1 Kuan Li Li* Independent Director
    Far East Hospitality Trust 1 Vivienne Lim Hui Bian* Independent Director
    Genting Singapore Limited 1 Chan Swee Liang Carolina Independent Director
    Venture Corporation Limited 2 Kuok Oon Kwong Independent Director
    Mrs Audrey Liow* Independent Director
    Total no. of female appointments 6
    * First-time director
  1. List Of 100 Largest Primary-Listed Companies’ Women’s Representation On Board (WOB), as at 31 December 2018
    Company Name Industry No. of WOB end 2018 No. board seats end 2018 %WOB end 2018 %WOB end 2017 %WOB end 2016 Women Directors as at Dec 2018
    Singapore Post Limited # Transportation 4 9 44% 40% 27% Fang Ai Lian, Kong Sau Wai Elizabeth, Lim Cheng Cheng, Chu Swee Yeok
    Parkway Life REIT # Real Estate 3 8 38% 38% 25% Cheah Sui Ling, Jennifer Lee Gek Choo, Rossana Annizah Binti Ahmad Rashid
    Singapore Telecommunications Limited # Telecommunication Services 4 11 36% 33% 33% Christina Hon Kwee Fong (Christina Ong), Chua Sock Koong, Teo Swee Lian, Gail Patricia Kelly
    Mapletree Commercial Trust # Real Estate 4 12 33% 40% 40% Kwa Kim Li, Ng Lee Hoon Amy, Seah Bee Eng @ Jennifer Loh, Sharon Lim Hwee Li
    Hutchison Port Holdings Trust # Transportation 3 9 33% 33% 11% Ruth Sin Ling Tsim, Shih Edith, Sng Sow-Mei
    Singapore Press Holdings Limited # Media & Entertainment 3 9 33% 33% 33% Chong Siak Ching, Janet Ang Guat Har, Tan Yen Yen
    Best World International Limited # Household & Personal Products 2 6 33% 40% 33% Doreen Tan Nee Moi, Dr. Dora Hoan Beng Mui
    Keppel REIT # Real Estate 2 6 33% 29% 40% Christina Tan Hua Mui, Penny Goh @ Lee Yoke Sim Penny
    OUE Commercial Real Estate Investment Trust # Real Estate 2 6 33% 33% 17% Tan Shu Lin, Usha Ranee Chandradas
    Ascott Residence Trust # Real Estate 2 7 29% 29% 14% Beh Siew Kim, Elaine Carole Young
    City Developments Limited # Real Estate 2 7 29% 14% 13% Jenny Lim Yin Nee, Tan Yee Peng
    Keppel Infrastructure Trust # Utilities 2 7 29% 17% 13% Christina Tan Hua Mui, Cindy Lim Joo Ling
    Metro Holdings Limited # Retailing 2 7 29% 17% 17% Deborah Lee Siew Yin, Fang Ai Lian
    SPH REIT # Real Estate 2 7 29% 29% 29% Ginney Lim May Ling, Hoo Sheau Farn
    Suntec Real Estate Investment Trust # Real Estate 2 7 29% 29% 17% Chew Gek Khim, Yu-Foo Yee Shoon
    Tianjin Zhong Xin Pharmaceutical Group Corporation Limited # Pharmaceuticals, Biotechnology & Life Sciences 2 7 29% 17% 13% Yan Min, Yu Hong
    Singapore Exchange Limited # Diversified Financials 3 11 27% 30% 33% Chew Gek Khim, Chng Sok Hui, Jane Diplock
    StarHub Ltd # Telecommunication Services 3 11 27% 17% 8% Michelle Lee Guthrie, Ng Shin Ein, Nayantara Bali
    Thai Beverage Public Company Limited # Food, Beverage & Tobacco 5 20 25% 11% 11% Chatri Banchuin, Kanoknart Rangsithienchai, Khunying Wanna Sirivadhanabhakdi, Kritika Kongsompong, Potjanee Thanavaranit
    CapitaLand Commercial Trust # Real Estate 2 8 25% 11% 14% Jessica Tan Soon Neo, Quek Bin Hwee
    Netlink NBN Trust # Telecommunication Services 2 8 25% 13% NL Koh Kah Sek, Ku Xian Hong
    Pacific Century Regional Developments Limited # Diversified Financials 2 8 25% 25% 29% Frances Waikwun Wong, Laura Raquel Deal-Lacey
    The Straits Trading Company Limited # Materials 2 8 25% 25% 25% Chew Gek Hiang, Chew Gek Khim
    Yanlord Land Group Limited # Real Estate 2 8 25% 25% 25% Chan Yiu Ling, Ng Shin Ein
    Ascendas Real Estate Investment Trust # Real Estate 2 9 22% 25% 20% Chong Chiet Ping, Lim Sau Hoong
    Mapletree North Asia Commercial Trust # Real Estate 2 9 22% 25% 25% Cindy Chow Pei Pei, Tan Su Shan
    SATS Ltd. # Transportation 2 9 22% 18% 11% Euleen Goh Yiu Kiang, Jessica Tan Soon Neo
    Venture Corporation Limited # Technology Hardware & Equipment 2 9 22% 0% 0% Kuok Oon Kwong, Tan Seok Hoong @Mrs Audrey Liow
    CapitaLand Limited # Real Estate 2 10 20% 17% 11% Euleen Goh Yiu Kiang, Goh Swee Chen
    ComfortDelGro Corporation Limited # Transportation 2 10 20% 22% 13% Sum Wai Fun Adeline, Tham Ee Mern Lilian (added Jessica Cheam in Jan 2019)
    GuocoLand Limited # Real Estate 2 10 20% 20% 20% Jennie Chua Kheng Yeng, Lim Suat Jien
    M1 Limited # Telecommunication Services 2 10 20% 18% 20% Karen Kooi Lee Wah, Lee Kia Jong Elaine
    SBS Transit Ltd # Transportation 2 10 20% 22% 0% Lee Sok Koon Constance, Susan Kong Yim Pui
    Sheng Siong Group Ltd. # Food & Staples Retailing 2 10 20% 11% 11% Lin Ruiwen, Tan Poh Hong
    Silverlake Axis Ltd # Software & Services 2 10 20% 22% 22% Datuk Yvonne Chia, Goh Shiou Ling
    Cromwell European REIT # Real Estate 1 5 20% 20% NL Fang Ai Lian
    Far East Hospitality Trust Real Estate 1 5 20% 0% 0% Vivienne Lim Hui Bian
    GL Limited # Consumer Services 1 5 20% 17% 17% Jennie Chua Kheng Yeng
    DBS Group Holdings Ltd # Banks 2 11 18% 20% 22% Euleen Goh Yiu Kiang, Woo Foong Pheng
    Mapletree Logistics Trust # Real Estate 2 11 18% 17% 18% Ng Kiat, Penny Goh @ Lee Yoke Sim Penny
    SembCorp Industries Ltd # Capital Goods 2 11 18% 10% 9% Margaret Lui, Dr Josephine Kwa Lay Keng
    Jardine Cycle & Carriage Ltd # Retailing 2 12 17% 15% 7% Lim Hwee Hua, Vimala a/p V.R. Menon
    Raffles Medical Group Ltd # Health Care Equipment & Services 2 12 17% 10% 10% Sarah Lu Qinghui, Wee Beng Geok
    Bumitama Agri Ltd. # Food, Beverage & Tobacco 1 6 17% 17% 0% Lim Christina Hariyanto
    CDL Hospitality Trusts # Real Estate 1 6 17% 17% 20% Cheah Sui Ling
    Fragrance Group Limited # Real Estate 1 6 17% 17% 17% Grace Lim Wan Looi
    Keppel DC REIT # Real Estate 1 6 17% 13% 11% Christina Tan Hua Mui
    Manulife US Real Estate Investment Trust # Real Estate 1 6 17% 14% 14% Veronica Julia McCann
    Fraser and Neave, Ltd # Food, Beverage & Tobacco 2 14 14% 18% 20% Khunying Wanna Sirivadhanabhakdi, Siripen Sitasuwan
    Bukit Sembawang Estates Limited # Real Estate 1 7 14% 14% 14% Fam Lee San
    First Resources Limited # Food, Beverage & Tobacco 1 7 14% 13% 13% Ng Shin Ein
    First Sponsor Group Limited # Real Estate 1 7 14% 14% 14% Ting Ping Ee Joan Maria
    Genting Singapore Limited # Consumer Services 1 7 14% 0% 0% Chan Swee Liang Carolina
    Japfa Ltd. # Food, Beverage & Tobacco 1 7 14% 14% 14% Lien Siaou-Sze
    Ho Bee Land Limited # Real Estate 1 8 13% 13% 0% Choo Poh Hua Josephine
    Hotel Grand Central Limited # Consumer Services 1 8 13% 13% 14% Tan Hwa Lian
    Keppel Telecommunications & Transportation Ltd # Transportation 1 8 13% 13% 13% Lee Ai Ming
    Sasseur Real Estate Investment Trust # Real Estate 1 8 13% NL NL Yang Xue
    Thomson Medical Group Limited # Health Care Equipment & Services 1 8 13% 14% 13% Chan Lay Hoon (Rowsley)
    Ascendas Hospitality Trust # Real Estate 1 9 11% 11% 0% Deborah Lee Siew Yin
    Ascendas India Trust # Real Estate 1 9 11% 0% 0% Zia Mody
    CapitaLand Retail China Trust # Real Estate 1 9 11% 0% 0% Kuan Li Li
    China Aviation Oil (Singapore) Corporation Ltd # Energy 1 9 11% 11% 11% Bella Young Pit Lai
    Great Eastern Holdings Limited # Insurance 1 10 10% 10% 0% Teoh Lian Ee
    Keppel Corporation Limited # Capital Goods 1 10 10% 11% 11% Veronica Eng Siang Yang
    Olam International Limited # Food & Staples Retailing 1 10 10% 20% 18% Marie Elaine Teo
    Oversea-Chinese Banking Corporation Limited # Banks 1 10 10% 10% 10% Christina Hon Kwee Fong (Christina Ong)
    SIA Engineering Company Limited # Transportation 1 10 10% 9% 11% Christina Hon Kwee Fong (Christina Ong)
    Sinarmas Land Limited # Real Estate 1 10 10% 13% 13% Margaretha Natalia Widjaja
    Wing Tai Holdings Limited # Real Estate 1 10 10% 11% 10% Tan Hwee Bin (added Mildred Tan in Jan 2019)
    Frasers Property Limited # Real Estate 1 11 9% 9% 10% Khunying Wanna Sirivadhanabhakdi
    SembCorp Marine Limited # Capital Goods 1 11 9% 9% 10% Gina Lee-Wan
    United Overseas Bank Limited # Banks 1 11 9% 8% 11% Lim Hwee Hua
    Singapore Technologies Engineering Ltd # Capital Goods 1 12 8% 8% 7% Song Su-Min
    Mapletree Industrial Trust # Real Estate 1 14 7% 10% 11% Mary Yeo Chor Gek
    Singapore Airlines Limited # * Transportation 0 8 0% 0% 0% (added Goh Swee Chen in Jan 2019)
    AIMS AMP Capital Industrial REIT # Real Estate 0 7 0% 0% 0%
    CapitaLand Mall Trust Real Estate 0 9 0% 0% 0%
    CITIC Envirotech Ltd Commercial & Professional Services 0 8 0% 0% 0%
    ESR-REIT Real Estate 0 7 0% 0% 0%
    Frasers Centrepoint Trust Real Estate 0 6 0% 0% 0%
    Frasers Commercial Trust Real Estate 0 6 0% 0% 0%
    Frasers Hospitality Trust Real Estate 0 6 0% 0% 0%
    Frasers Logistics & Industrial Trust Real Estate 0 6 0% 0% 0%
    Golden Agri-Resources Ltd Food, Beverage & Tobacco 0 8 0% 0% 0%
    Haw Par Corporation Limited Pharmaceuticals, Biotechnology & Life Sciences 0 10 0% 0% 0%
    Hong Leong Finance Limited Diversified Financials 0 9 0% 0% 0%
    Hotel Properties Limited Consumer Services 0 8 0% 0% 0%
    OUE Hospitality Trust Real Estate 0 6 0% 0% 0%
    OUE Limited Real Estate 0 6 0% 0% 0%
    Oxley Holdings Limited Real Estate 0 6 0% 0% 0%
    Perennial Real Estate Holdings Limited Real Estate 0 7 0% 0% 0%
    Riverstone Holdings Limited Health Care Equipment & Services 0 6 0% 0% 0%
    Starhill Global Real Estate Investment Trust Real Estate 0 6 0% 0% 0%
    United Engineers Limited Real Estate 0 6 0% 0% 0%
    United Industrial Corporation Limited Real Estate 0 13 0% 0% 0%
    UOB Kay Hian Holdings Limited Diversified Financials 0 6 0% 0% 0%
    UOL Group Limited Real Estate 0 9 0% 0% 0%
    Wilmar International Limited Food, Beverage & Tobacco 0 12 0% 0% 0%
    Yangzijiang Shipbuilding (Holdings) Ltd. Capital Goods 0 4 0% 0% 0%
NL: The company had not been listed on the Singapore Exchange at that time.
#: The company previously had women on its board during the period 2013 to 2018.
*: The company added a woman to the board in January 2019.
  1. 33 companies added women onto boards in Jan – Jun 2018
    • See list of companies that added women from Jan – Jun 2018 here.

     

Note: Data was collected from all SGX-listed companies’ annual reports and company announcements reported to SGX, from 2013 up to 31 December 2018 (inclusive). Data does not reflect any disclosures after 31 December 2018.
Sources of country-specific information on women’s representation on boards
  • Australia – Australian Institute of Company Directors
  • China, Indonesia, South Korea – Korn Ferry & NUS CGIO ‘Diversity Scorecard 2016: Building Diversity in Asia Pacific Boardrooms’
  • France – 2018 France Spencer Stuart Board Index
  • Germany – DIW Economic Bulletin ‘Women Executives Barometer 2018’
  • Hong Kong – Community Business’ Women on Boards 2017 report
  • India – NSE Infobase
  • Japan – Spencer Stuart ‘2017 Japan Board Index’
  • Malaysia – New Straits Times Article ‘Malaysia wants more women board directors on listed companies: PM’
  • New Zealand – NZX Limited’s Diversity Statistics
  • Norway – Statistics Norway
  • Singapore – Diversity Action Committee
  • Sweden – Statistics Sweden ‘Women and men in Sweden, Facts and Figures 2018’
  • UK – Hampton-Alexander Review’s Press Release 27 June 2018
  • US – 2018 U.S. Spencer Stuart Board Index

Other Statistics Reports

Full Report on Women’s Representation on Boards of SGX-listed Companies

Top 100 Primary-Listed Companies’ Women’s Representation on Boards

Companies which added women to their boards